Morgan Stanley Emerging Markets Fund, Inc. (NYSE: MSF) (the “Fund”)
announced today the commencement of a tender offer by the Fund to
acquire in exchange for cash up to 15 percent of the Fund’s outstanding
shares at a price equal to 98.5 percent of the Fund’s net asset value
per share as of the close of regular trading on the New York Stock
Exchange on the business day immediately following the day the offer
expires (the “Tender Offer”). If more than 15 percent of the Fund’s
outstanding shares are tendered, the Fund will purchase its shares from
tendering stockholders on a pro rata basis at a price of 98.5 percent of
the Fund’s net asset value per share.

The Tender Offer is being made on the terms and subject to the
conditions set forth in the Offer Notice and related Letter of
Transmittal in connection with commencement of the Tender Offer on June
13, 2012, and termination of the Tender Offer at 11:59 p.m. New York
time on July 10, 2012, unless extended. The pricing date will be July
11, 2012, unless the Tender Offer is extended.

In connection with the Tender Offer, the Fund has temporarily suspended
any purchases of shares in the open market pursuant to its share
repurchase program until on or about 10 business days after the
termination of the Tender Offer, as required by the Securities Exchange
Act of 1934, as amended.

This announcement is not a recommendation, an offer to purchase or a
solicitation to sell any securities of the Fund. The Tender Offer is
being made only by an Offer Notice, a related Letter of Transmittal and
other documents, which will be filed with the Securities and Exchange
Commission. Stockholders of the Fund should read the Offer Notice,
tender offer statement and related exhibits when those documents are
filed and become available, as they will contain important information
about the Tender Offer. These and other filed documents may be obtained
free of charge by contacting Georgeson Inc., the Information Agent for
the Tender Offer, at 1-888-680-1526. These documents may also be
obtained from the Securities and Exchange Commission. Stockholders may
obtain further information regarding the Tender Offer from the
Information Agent by calling 1-888-680-1526.

Morgan Stanley Investment Management, together with its investment
advisory affiliates, has approximately 620 investment professionals
around the world and $304 billion in assets under management or
supervision as of March 31, 2012. MSIM strives to provide outstanding
long-term investment performance, service and a comprehensive suite of
investment management solutions to a diverse client base, which includes
governments, institutions, corporations and individuals worldwide.

Morgan Stanley is a leading global financial services firm providing a
wide range of investment banking, securities, investment management and
wealth management services. The Firm’s employees serve clients worldwide
including corporations, governments, institutions and individuals from
more than 1,300 offices in 43 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful under the securities laws of any such state.